Washington Prime Group to Transform Department Store Space at Southern Park Mall
April 06 2018 - 8:30AM
Washington Prime Group Inc. (NYSE:WPG) today announced its most
recent redevelopment effort, a multi-million dollar project
anchored by the addition of diversified tenants at Southern Park
Mall, a Tier One asset located in Youngstown, Ohio.
The Company is in discussions with new tenants,
which will be announced in the future, for the high visibility
anchor space currently occupied by Sears. The Company proactively
negotiated an early termination of the lease to gain control of the
real estate and commence redevelopment efforts.
Lou Conforti, CEO and Director: “The
redevelopment opportunity at Southern Park Mall further illustrates
our mandate to diversify tenancy and establish this asset as the
dominant town center within the Youngstown Metropolitan Statistical
Area (MSA). The ~550,000 residents which comprise this MSA deserve
differentiated retail, dining, entertainment and services, and it
is our objective to continue to provide them with the established
tenancy they expect as well as new and exciting offerings – the
unexpected.”
Additional details on the redevelopment project
will be announced in the future.
Brian Gabbert, General Manager of Southern Park
Mall: “We are excited for the opportunity to welcome new tenants to
Southern Park Mall. Our redevelopment efforts demonstrate our
commitment to the Boardman community and greater Youngstown area.
We remain focused on providing our guests with an increasingly
enjoyable environment to shop, dine and spend time together.”
About Southern Park
MallSouthern Park Mall is Mahoning County’s premier
shopping destination. The town center is home to more than 120
national and local retail, dining and entertainment options, as
well as numerous events and activities throughout the year. A
dynamic offering of things to do along with things to buy keeps
guests engaged and returning often. Learn more at
www.southernparkmall.com.
About Washington Prime
GroupWashington Prime Group Inc. is a retail REIT and a
recognized leader in the ownership, management, acquisition and
development of retail properties. The Company combines a national
real estate portfolio with an investment grade balance sheet,
leveraging its expertise across the entire shopping center sector
to increase cash flow through rigorous management of assets and
provide new opportunities to retailers looking for growth
throughout the U.S. Washington Prime Group® is a registered
trademark of the Company. Learn more at
www.washingtonprime.com.
ContactKimberly A. Green,
614.887.5647 or kim.green@washingtonprime.com
Forward-Looking StatementsThis
news release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
which represent the current expectations and beliefs of management
of Washington Prime Inc. (“WPG”) concerning the proposed
transactions, the anticipated consequences and benefits of the
transactions and the targeted close date for the transactions, and
other future events and their potential effects on WPG, including,
but not limited to, statements relating to anticipated financial
and operating results, the company’s plans, objectives,
expectations and intentions, cost savings and other statements,
including words such as “anticipate,” “believe,” “plan,”
“estimate,” “expect,” “intend,” “will,” “should,” “may,” and other
similar expressions. Such statements are based upon the
current beliefs and expectations of WPG’s management, and involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of WPG to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, without limitation: changes
in asset quality and credit risk; ability to sustain revenue and
earnings growth; changes in political, economic or market
conditions generally and the real estate and capital markets
specifically; the impact of increased competition; the availability
of capital and financing; tenant or joint venture partner(s)
bankruptcies; the failure to increase mall store occupancy and
same-mall operating income; risks associated with the acquisition,
(re)development, expansion, leasing and management of properties;
changes in market rental rates; trends in the retail industry;
relationships with anchor tenants; risks relating to joint venture
properties; costs of common area maintenance; competitive market
forces; the level and volatility of interest rates; the rate of
revenue increases as compared to expense increases; the financial
stability of tenants within the retail industry; the restrictions
in current financing arrangements or the failure to comply with
such arrangements; the liquidity of real estate investments; the
impact of changes to tax legislation and WPG’s tax positions;
failure to qualify as a real estate investment trust; the failure
to refinance debt at favorable terms and conditions; loss of key
personnel; material changes in the dividend rates on securities or
the ability to pay dividends on common shares or other securities;
possible restrictions on the ability to operate or dispose of any
partially-owned properties; the failure to achieve earnings/funds
from operations targets or estimates; the failure to achieve
projected returns or yields on (re)development and investment
properties (including joint ventures); expected gains on debt
extinguishment; changes in generally accepted accounting principles
or interpretations thereof; terrorist activities and international
hostilities; the unfavorable resolution of legal proceedings; the
impact of future acquisitions and divestitures; assets that may be
subject to impairment charges; significant costs related to
environmental issues; and other risks and uncertainties, including
those detailed from time to time in WPG’s statements and periodic
reports filed with the Securities and Exchange Commission,
including those described under “Risk Factors”. The
forward-looking statements in this communication are qualified by
these risk factors. Each statement speaks only as of the date of
this press release and WPG undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events
or circumstances. Actual results may differ materially from
current projections, expectations, and plans, if any.
Investors, potential investors and others should give careful
consideration to these risks and uncertainties.
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